Form Tc-20l - Utah Application For Refund From A Corporation Loss Carryback Page 3
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4TC-20L_i
12/10
20800
Instructions for TC-20L
General Instructions
3. Loss Exceeding $1,000,000
The carryback of a Utah net loss is limited to $1,000,000. Enter
Form TC-20L is used for calculating a refund due to the carryback
the loss exceeding $1,000,000. If the loss on line 2 is $1,000,000
of a Utah net loss shown on a corporation return. Form TC-20L
or less, enter zero.
must be used instead of filing amended returns for the carryback
years.
4. Loss Available for Carryback
For taxable years beginning on or after Jan. 1, 1994, if an election
Subtract line 3 from line 2. This is the loss allowed as a carryback
is made to forego the federal net operating loss carryback and
to the three prior taxable years.
only carry the loss forward, then the Utah net loss may not be
carried back unless a separate Utah election is made on form:
Third Prior Taxable Year
TC-20, Schedule A, or
TC-20MC, Schedule A, Part 2.
5. Taxable Year End of Third Prior Taxable Year
If no election is made on the loss return, the loss must be carried
Enter the end date for the third prior taxable year to the taxable
back in accordance with the following line-by-line instructions.
loss year in mm/dd/yyyy format (for example, enter Dec. 31, 2010
as 12/31/2010).
A Utah net loss from a taxable year beginning on or after Jan. 1,
1994, that is carried back, must first be applied to the third prior
6. Taxable Income of Third Prior Taxable Year
taxable year’s income. Any loss not entirely used in the third prior
Enter the taxable income from the third prior taxable year as filed,
taxable year must be carried back to the second prior taxable year.
amended or audited. Enter only if the taxable year showed a gain;
Any loss not entirely used in the second prior taxable year must
otherwise, enter zero.
then be carried back to the first prior taxable year. Any loss
remaining at that point may be carried forward to the next fifteen
7. Loss Carryback
taxable years.
Enter the lesser of line 4 (loss available) or line 6 (taxable income).
The carryback loss is limited to $1,000,000. Any loss in excess of
$1,000,000 must be carried forward.
8. Adjusted Taxable Income
Subtract line 7 (allowable loss carryback) from line 6 (taxable
income). Do not enter an amount less than zero.
Line-by-Line Instructions
9. Tax
Domestic Production Activities Deduction
Multiply line 8 (adjusted taxable income) by 5% (.05). Do not enter
If you claimed a deduction for domestic production activities
an amount less than the $100 minimum tax. The minimum tax on a
under IRC §199 in a carryback year, enter “X” where indicated.
combined return is $100 per corporation shown on Schedule M for
the third prior taxable year.
When a federal loss is carried back to a prior year in which an
IRC §199 deduction was claimed, the IRC §199 deduction may
10. Tax on Third Prior Taxable Year Return
be reduced or eliminated, depending on the revised amount of
federal taxable income for the year to which the loss is carried. In
Enter the tax previously paid on the return for the third prior
a tax year in which the IRC §199 deduction is reduced or
taxable year as filed, amended or audited.
eliminated on the federal return, Utah income will be increased.
In such instances, an amended Utah return must be filed to
11. Refund for Third Prior Taxable Year
reflect the increase in Utah income and the Utah tax.
Subtract line 9 (recomputed tax) from line 10 (previous tax). This is
the loss carryback refund for the third prior taxable year.
REIT Loss Carryback
If the loss carryback is from a Real Estate Investment Trust
12. Loss Remaining
(REIT) return, enter “X” where indicated.
Subtract line 7 (allowable loss carried back to the third prior
taxable year) from line 4 (total allowable loss carryback). This is
1. Taxable Year End of Loss Year
the remaining loss to be carried to the second prior taxable year.
Enter the end date for the taxable year of the loss in mm/dd/yyyy
format (for example, enter Dec. 31, 2010 as 12/31/2010).
Second Prior Taxable Year
2. Loss to be Carried Back
13. Taxable Year End of Second Prior Taxable Year
Enter the total Utah net loss as a positive number. The loss for a
Enter the end date for the second prior taxable year to the taxable
regular corporation is on TC-20, Schedule A; the loss for a Real
loss year in mm/dd/yyyy format (for example, enter Dec. 31, 2010
Estate Investment Trust is on TC-20MC, Schedule A, Part 2.
as 12/31/2010).
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